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- Staresce
- Contributions:967
That is a high down payment isnt it ? Or is it just me?
Lisa
- caballosnegros
- Contributions:1131
About 20%- but the interest rate is high- you should be able to get a 5.12% or so- FANTASTIC!!! And that's California- a friemd was job huntimg amd if she went there, the companies had cost of living increases so salaries were always higher.
- caballosnegros
- Contributions:1131
THANK
- caballosnegros
- Contributions:1131
U
- caballosnegros
- Contributions:1131
LLISTA!!
- caballosnegros
- Contributions:1131
KLove
- caballosnegros
- Contributions:1131
KLove
it
- caballosnegros
- Contributions:1131
hen
- caballosnegros
- Contributions:1131
have
- caballosnegros
- Contributions:1131
ood
- caballosnegros
- Contributions:1131
ews!sorry!!
- caballosnegros
- Contributions:1131
sorry! Thank you Callista- I love it when we have good news!
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
I'm finding it here in San Diego, too. Prices will still go lower, but at some pt interest rates will rise. There will be more foreclosures coming, forcing prices lower. But on the earlier thread, it has 4 criteria in buying, and I hit 3/4. Rent=Buy, inventory no longer rising, I forget the other one. The forth was foreclosures are done rising. I hear more foreclosures are coming. For me, I'm ok if prices go lower, cuz I can afford it day in and day out, on one income, with 20% down and a fixed loan.
- KD in Texas
- Contributions:859
Callista-Wonderful to know that prices are getting to be where they should be.
- Callista, "warriorprincess"
- Contributions:681
I agree debts..prices will probably bottom out after I buy but that mortgage is cheaper than my rent. We could pay it standing on our heads..
- Bitter Renter Ron
- Contributions:1402
Doesn't matter that it will go fast - when the sale is recorded it will become a comp for other houses in the area, pulling prices down.
''but the interest rate is high'
You must be high, 5.75 is a fabulous rate for a 30.
- caliguy
- Contributions:1283
Thanks for the update. So, it looks like for the asking price of $249k it's 32% off the peak sale.
Here the dollar losses are higher because prices are higher, but percentages aren't as high (yet). A "usual" depreciation is around 20-25% off the peak at this point.
- Callista, "warriorprincess"
- Contributions:681
Yes,..about 32 percent off the peak sale,..but others in the neighborhood were selling for higher. I would guess that this house has fallen about 40-45% from the 2005 highs.
- caliguy
- Contributions:1283
Wow.
Welcome to my nightmare. :)
- fillm0re
- Contributions:116
it may have happened, but is this a location you would actually live? i can find plenty on the market where the buy=rent scenario works, but wouldnt consider ever living there.
The market is REO driven in her area. Good for buyers, terrible for sellers. There is nothing wrong with area itself.
- Callista, "warriorprincess"
- Contributions:681
THis forelosure (along with scores more) is located in a highly desireable neighborhood of Sacramento known as the "Greenhaven/Pocket" neighborhood. It is only the bank owned homes that are reasonably priced and actually sell from time to time in Sac these days. I would say they are undercutting private sellers by about 15-20%, or about 40,000$ for the houses that meet my specifications. I am going to look at this one for curiousity's sake to see what type of shape it's in since it's not too far from me anyways.
- broker_GRI
- Contributions:3454
Callista,
that is starting to sound like really good news for you, maybe you will be planting sooner than you think… OAN…
That photo at the top is absolutely beautiful!!! What kind of flowers are those?
- sabai
- Contributions:4
I wonder how many days from closing escrow does it take for a recorded sale to show up as a comp? How about showing on zillow?
- broker_GRI
- Contributions:3454
sabi_girl,
A recorded sale would take same day or up to 48hrs in my MLS now as for Zillow IDK maybe ask in the "Zillow" discussion area
- Urmila
- Contributions:25
Callista, check out this huge auction of bank-owned properties that is happening in Sacramento on Feb 16th & 17th. This is different from a auction on the steps of the courthouse, because you can
(a) go and see the house on Feb 2nd, 10th & 11th (b) only need to have 5% of final bid to pay right then and there. There are lenders there to finance the house or you can be pre-approved with your own lender. The only negative is the 5% fee to be paid to REDC but if the purchase price is 20% less than what is selling, it becomes a very small item. Check it out -
I only wish we could commute from Sac - 1.5hrs each way is too much for us! :)
- . . .
- Contributions:3384
Zillow update time?
Some properties in my area sold well over a year ago, and Zillow still has not updated the information. It is a very slow process as it has the be recorded by the county; the third party data collectors must get the data from the county, the data providers must package the data for providing to Zillow. Zillow must convert the format; and eventually Zillow updates the records. Even after being updated, there still is more delay until the next Zestimate is done.
And for some properties, it appears they just don't get the information...
- deflationary Jane
- Contributions:39
You know that area is called South South Sac right? 249K for 1400 sqft is hardly a deal and the traffic into Sac proper is dreadful.
Rent = PITI is where you buy, not on just P&I and not taking into account the downpayment. We're just into the 3rd inning of a 9 inning game, you'll do much better if you hang tight until this fall.
It happened in Sacramento today..
http://www.zillow.com/HomeDetails.htm?zprop=25831916
This house listed for sale at 249,000. You bid 225,000 with a downpayment of 45,000$. You finance 180,000 at 5.75 and a 30 yr fixed. You're payment 1,050.43.
This house in this neighborhood would rent for at least (I do know the area well) for at least
1,100.00$. BUY=RENT!
Ok before I get too excited...this is the best priced house I've seen on the MLS for my area so far. I'm sure it will probably go quick..most likely for full price...what a beautiful spring it's going to be!!!!
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